Country Analysts

Francisco de Paula Gutiérrez
Former Finance Minister and Central Bank President
Felix Delgado
General Manager, Central Bank

In The News


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Recent Country Insights

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Costa Rica: New taxes and financing lead the adjustment plan
CENTRAL AMERICA - Forecast 31 Jul 2019
After several failed attempts, Costa Rica is finally tackling a fiscal adjustment to reduce its large fiscal deficit, and to stabilize government debt. The road hasn’t been smooth, given the years of accumulated disequilibrium and the associated rigidities imposed by domestic legislation. But the...

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COSTA RICA: Lower GDP growth
CENTRAL AMERICA - In Brief 23 Jul 2019
The Central Bank of Costa Rica revised its GDP growth estimates lower for 2019 and 2020, to 2.2% and 2.6% respectively, from 3.2% and 3.0% forecast at the beginning of the year. According to the Bank, a series of external and domestic events affected the growth rate of the economy. Among these ar...

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COSTA RICA: Q1 data reaffirms a slow start
CENTRAL AMERICA - Report 01 Jul 2019
On June 28, the Central Bank published preliminary figures for Q1 GDP, Balance of Payments and External Debt. Results on the production front are neither encouraging, nor surprising: GDP grew only 1.8% y/y, after an increase of just 1.9% y/y in Q4-2018.

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COSTA RICA: Weathering hard times
CENTRAL AMERICA - Report 26 Jun 2019
Costa Rica faces hard times, with consequences primarily for production and employment. After the first year of the new Carlos Alvarado Quesada administration, economic activity continues to be sluggish, and therefore cannot reduce unemployment. Expectations continue to play a key role, as they s...

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GUATEMALA: Heading for a second round
CENTRAL AMERICA - Report 18 Jun 2019
Former First Lady Sandra Torres, the presidential candidate of the social democratic party National Unity of Hope (UNE), won the first round of the presidential election with more than 25% of the valid vote. She defeated 18 other candidates and obtained almost double the votes of the second place...

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EL SALVADOR: New Cabinet Members
CENTRAL AMERICA - Report 03 Jun 2019
In our May report we informed about the four first members of the Nayib Bukele’s cabinet, all of them woman. This brief is to update that information as the new staff took office on June 1, 2019. Most of the new ministers were announced on the same first day of the new administration. The initial...

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COSTA RICA: Unemployment with stability
CENTRAL AMERICA - Report 20 May 2019
In Costa Rica, President Carlos Alvarado stated in his first “state of the country” address on May 2nd that the country had been on the brink of a fiscal crisis in H2 2018, but that timely decisions by the executive branch and Congress -- in particular, passage of a fiscal reform law -- had put C...

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EL SALVADOR: Stagnation and Mystery
CENTRAL AMERICA - Report 24 Apr 2019
El Salvador’s economic growth/financial stability balance is clearly biased toward the former, as shown by modest real GDP growth averaging 2.5% y/y between 2010 and 2018. Expected growth won’t be different for 2019 and 2020. The roots of long-running stagnation are diverse, and reflected in pote...

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GUATEMALA: All eyes on a crowded field
CENTRAL AMERICA - Report 01 Apr 2019
Guatemala. Elections and expectations for the new presidency will be the main focus in Guatemala this year.The first round of voting, which could include as many as 24 candidates, is set for June 16th. If no candidate wins 50% of the vote, plus 1 vote more, there’ll a runoff on August 11th. The n...

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